Central Bank Governor Tarek Amer announces cash inflows into Egypt’s banking system totalled over USD 57 bn since Egypt floated its currency in November, according to Reuters.

Faced with accelerating inflation, Egypt’s central bank on July 6 raised key interest rates by 200 basis points for the second policy meeting in a row.

The decision to raise rates “would encourage USD holders to exchange them for EGP,” Amer told Egyptian newspaper al-Akhbar.